Renault SA and Mitsubishi Motors Corp. announced Tuesday that they will be reorganizing their partnership and make a new internal body to oversee their alliance following the arrest of ex-chairman Carlos Ghosn for financial misconduct.

Key executives at Nissan and Mitsubishi have stepped down as the vehicle alliance looks to overhaul its management team amid the scandal surrounding Carlos Ghosn.

Renault-Nissan alliance was first set up during 1999 and Mitsubishi Motors Corp. had been added to the alliance in 2016, and, Carlos Ghosn who had served a Chair for all three companies and the alliance boss, had been thrusting for a much deeper tie-up between Renault and Nissan, including a possible merger, before his arrest and dismissal on November previous year on accusations of alleged financial misconducts.

The leaders of Renault, Nissan and Mitsubishi celebrate the reconfiguration of the Alliance's board of directors.

After staying for about three months in jail, Nissan chief Carlos Ghosn is granted bail on Tuesday.

"The event space at Versailles was made available to him without charge, and Mr Ghosn was unaware that the use of the space would be charged against Renault's allotted usage", his French-based lawyer Jean-Yves Leborgne said in February when the allegations came to light, adding that Ghosn had paid for all of his wedding expenses. He was released on 1 billion yen ($8.9 million) bail last week. He will be kept under camera surveillance and will have limited access to computers.

Although Ghosn has been dismissed as chairman at Nissan, he remains on the board.

The Tokyo District Court on Monday declined to temporarily suspend a condition of Ghosn's bail that stops him from meeting people linked to his case, blocking what would have been a dramatic face off between the once-feted executive and the colleagues he has accused of fomenting a coup. The court apparently saw his coming in contact with other Nissan officials as a risk. Mann, who was Munoz's predecessor at Nissan, was sent to Mitsubishi in 2016 after Nissan took a stake in the carmaker. Ghosn was replaced as chairman and CEO of Renault by Senard and Thierry Bollore, respectively.

As boss of Renault, he took what many observers at the time thought was a gamble by saving Nissan from the brink of bankruptcy and tying it to the French firm.

Separately on Tuesday, legal representatives for Ghosn said there were no plans for the ex-auto tycoon to hold a highly-anticipated press conference this week.

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